CHAPTER 67. FOREIGN FINANCIAL INSTITUTIONS
FINANCE CODE
TITLE 3. FINANCIAL INSTITUTIONS AND BUSINESSES
SUBTITLE B. SAVINGS AND LOAN ASSOCIATIONS
CHAPTER 67. FOREIGN FINANCIAL INSTITUTIONS
SUBCHAPTER A. GENERAL PROVISIONS
Sec. 67.001. LIMITATION ON RIGHT TO DO BUSINESS AS SAVINGS AND
LOAN ASSOCIATION. (a) A person may not do business as a savings
and loan association in this state or maintain an office in this
state for the purpose of doing business unless the person is a:
(1) domestic association;
(2) federal association; or
(3) foreign association that holds a certificate of authority
issued under Subchapter I, Chapter 62, or Section 61, Chapter 61,
General Laws, Acts of the 41st Legislature, 2nd Called Session,
1929 (Article 881a-60, Vernon's Texas Civil Statutes).
(b) Subsection (a) does not prohibit activity that is not
considered to be transacting business in this state under Section
B, Article 8.01, Texas Business Corporation Act.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Sec. 67.002. APPLICATION OF LAW AND RULES. This subtitle and
each rule adopted under this subtitle apply to the operations in
this state of a foreign association and may be enforced by the
commissioner.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Sec. 67.003. CONTRACTS CONSTRUED UNDER LAW OF THIS STATE. A
contract between a foreign association and a resident of this
state is governed by the laws of this state.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Sec. 67.004. FEDERAL ASSOCIATIONS. A federal association is not
a foreign corporation or foreign association for purposes of this
subtitle.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
SUBCHAPTER B. POWERS OF FOREIGN ASSOCIATION; ELIGIBILITY OF
ACCOUNTS FOR INVESTMENT
Sec. 67.101. POWERS OF FOREIGN ASSOCIATION; ELIGIBILITY OF
ACCOUNTS FOR INVESTMENT. (a) A foreign association operating
under a certificate of authority has the rights and privileges of
an association created under this subtitle. The association's
accounts are eligible for investment to the same extent as those
of a domestic association.
(b) A foreign association may not be considered an association
organized under the laws of this state.
(c) A foreign association operating in this state under this
chapter may not exercise a power, perform a function, or offer a
service that a domestic association may not exercise, perform, or
offer.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
SUBCHAPTER C. CERTIFICATE OF AUTHORITY
Sec. 67.201. RENEWAL OF CERTIFICATE. A foreign association may
renew a certificate of authority by paying a renewal fee in
January of each year. The finance commission by resolution shall
set the fee annually.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Sec. 67.202. REVOCATION OF CERTIFICATE. (a) The commissioner
may revoke a foreign association's certificate of authority on
the failure or refusal of the association to comply with a final
order of the commissioner.
(b) On revocation under Subsection (a), an agent of the
association may not transact business in this state except to:
(1) receive a payment to apply to an active loan contract; or
(2) pay a withdrawal request.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
SUBCHAPTER D. EXAMINATION AND REGULATION
Sec. 67.301. FREQUENCY OF EXAMINATION. A foreign association
may not be examined more than once each year.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Sec. 67.302. EXAMINATION CHARGES. A foreign association holding
a certificate of authority shall pay:
(1) an examination fee in the amount set for a domestic
association under Section 61.007;
(2) all travel expenses of the examination; and
(3) the amount of the examination expense that exceeds the
amount of the examination fee, if any.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Sec. 67.303. AGREEMENT WITH REGULATORY AUTHORITY OF OTHER STATE.
(a) The commissioner, in exercising the supervisory and
regulatory authority granted under Chapter 66, may enter into a
cooperative agreement with a regulatory authority of another
state to facilitate regulation of a foreign association doing
business in this state.
(b) The commissioner may accept a report of examination and
other records from the regulatory authority of the other state
instead of conducting an examination outside this state.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.
Sec. 67.304. COMMISSIONER'S AUTHORITY TO ISSUE ORDERS. The
commissioner may issue an order against a foreign association
holding a certificate of authority in the same manner provided by
Chapter 66 for issuance of an order against a domestic
association.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997.